Tether Reveals USDT Stablecoin Is Now Supported by Polkadot
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Tether now operates on 15 different blockchain networks, according to the company’s latest announcement on Friday, when the company clarified that the Polkadot blockchain system now supports it. The stablecoin’s new support follows the token’s addition to the Near Protocol 11 days ago. The news follows a New York judge ordering Tether to produce financial documents last Tuesday.
Polkadot Blockchain ecosystem adds tether
Recently, Tether Operations Limited announced that it was added to the Near Protocol on September 12, and 11 days later, the stablecoin company revealed that it is now on the Polkadot blockchain.
Polkadot (DOT) is an open source distributed ledger project that combines blockchains, decentralized finance (defi) and the Web3 ecosystem. Tether manages the largest stablecoin assets in the world, with a market capitalization of $68.24 billion as of September 23rd.
Of today’s $963.16 billion crypto economy, USDT controls 7.078% of that value. On Friday, Tether said the addition of USDT to the Polkadot blockchain ecosystem is “another milestone” for the stablecoin issuer.
After being added to the Near Protocol and Polkadot Polkadot blockchain ecosystem, USDT is now hosted on 15 different blockchain networks. In a note sent to Bitcoin.com News, Tether CTO Paolo Ardoino said the company is “delighted” to launch tether on the Polkadot blockchain network.
“Polkadot is on a path of growth and development this year, and we believe the addition of Tether is necessary to help it continue to thrive,” Ardoino noted. Statistics for the last 30 days show that tether’s market cap increased by 0.8%, and as of Friday, USDT controls $45.51 billion of the $81.84 billion in global crypto trade.
Tether’s volume accounts for 55.60% of the current $81.84 billion in swaps, and 62% of all BTC trades today are paired with the split. The Polkadot blockchain support follows a New York judge ordering Tether Operations Limited to produce financial documents showing support for USDT.
The judge’s order stems from a class action lawsuit brought by five plaintiffs three years ago. The case also involves the law firm Roche Freedman LLP, and recently Tether’s lawyer said the law firm should be disbarred from the case because of a controversy involving Roche Freedman founder Kyle Roche.
What do you think about adding tether to the Polkadot blockchain ecosystem? Let us know what you think about this topic in the comment section below.